Virtual Crypto Technologies enters SADC region through partnership
Virtual Crypto Technologies, Inc., a developer of innovative software and hardware for the purchase and sale of cryptocurrencies via point-of-sales systems, ATMs, tablets, PCs and mobile devices, has signed an Exclusive Distribution Agreement with a third-party company Virtual Crypto SA Ltd. to begin selling the Company's products in the Southern African Region.
Pursuant to the Distribution Agreement, the Distributor has committed to acquire the Company’s hardware and software solutions and to pay ongoing royalties and support fees in the six figure minimum multi-year agreement.
The company recently completed development of its fourth crypto solution for the B2B and B2C marketplace and has pilot deployments and business deals in Israel, despite launching in January 2018.
The Distribution Agreement is another step forward for Virtual Crypto’s penetration of the global markets. Territories in the Distribution Agreement cover sixteen Southern African countries, including South Africa, Namibia, and Botswana.
Alon Dayan, CEO of Virtual Crypto commented, “Cryptocurrency is increasingly popular in the Southern African Region, which is a strong emerging market. Cryptocurrency provides investors and businesses with an opportunity to diversify their portfolio. In addition, Virtual Crypto’s solutions offer businesses and consumers a secure payment alternative with real-time availability and broad accessibility.”
Prior to Virtual Crypto launching in the Southern Africa region, using cryptocurrency for day-to-day transactions has been burdensome and effectively impractical due to lack of appropriate and accessible technologies available within developing countries.
The principal barrier Virtual Crypto overcomes is the typical delay in completing cryptocurrency transactions. Virtual Crypto’s proprietary technology works through those challenges, offering seamless transactions and high-level secure consumer experience by scanning multiple exchanges within seconds.
Dayan explained, “We felt that by creating a solution that was both platform and cryptocurrency agnostic, the masses can employ the advantages of utilizing cryptocurrency for all of their needs. While we’ve already demonstrated success in our solutions in other markets, we believe the advantages will be even greater in locations, such as the developing countries within Southern Africa, where local economies experience volatility.”
While many companies within the crypto industry do not trade on traditional exchanges, Virtual Crypto is quoted on the OTCQB as opposed to less regulated alternatives.
Trading on the OTCQB is consistent with Virtual Crypto’s objective of being a stable business in an exciting industry, offering growth potential, while built for the long run. By being immersed in the crypto field, Virtual Crypto is able to leverage significant momentum and success, as the Distribution Agreement suggests, yet allows for a continued positive trajectory.
The Distribution Agreement was signed earlier than anticipated.
Dayan continued, “We have no interest in pursuing quick wins that do not benefit our customers and our shareholders.We believe that our technology and solutions offer real value and sustainable success for years to come. This agreement, and the timing of this deal, further validates our team’s shared vision. We look forward to announcing additional news as our technology and our business pipeline advance as we expand - extending to other emerging markets and fully developed economic regions around the globe.”